With the news that inflation has now hit 9% and is due to rise to 10% and interest rates are on the rise too, it is something that has gotten everyone talking, me included!

With interest rates having been at an all time low not that long ago , perhaps an increase in the rates is something we should have all expected to happen at some point in the future?

Although there are a number of external factors that are outside our control (the price of oil, the impact of Brexit and the war in Ukraine) here are some things we can all do to help. 

Take a look at some of our top tips below:

1. This is probably my top tip, we shared this in a blog a few months ago. Really taking a look at your income and your spending, are there any adjustments you can make? The aim here is to spend 50% of your income on needs (housing, bills, food and travel for work costs); 30% on wants (your fun money) and 20% on saving. If you are able to stick to this and still save a little this should help ease some of the ‘squeeze’ we are all feeling.
2. Another tip we have shared on our social media this month is doing a benefits check. Since the Universal Credit taper rate changed in November, thousands more people are eligible for a top up while 850,000 pensioners are missing out on Pension Credit. 
3. A simple one is, food waste. Did you know that in the UK, households waste 6.6. million tonnes of food of which about 4.5 million tonnes of that is edible – products that could have been eaten? More details can be found via the BBC Website: Food Waste: What is it and how does it affect the environment? – CBBC Newsround Maybe the time to become more economical around the house is now! As it certainly does save money albeit be a little more time consuming.  Try a few days where you just use up items that you have already in the house- remember that tin of kidney beans you bought a few months ago- maybe a kidney bean curry or add it to soup?
4. A quick and simple one at number 4 in our list is, using any cashback or rewards cards that you have points on also allow you to save money, little and often too. 
5. Following on from point 3, did you know that washing on 30 degrees or lower can help reduce your energy bills too? Also ensuring you are not using your washing machine/dishwasher at peak times can also help cut your bills too. Try to check with your energy provider which are peak and off peak times to ensure you are being as economical as possible. 
6. Do an annual stock take of items in your home, If you have not used something for a year or more, consider selling it? There are many many websites/apps now that allow you to sell preloved items and clothes – for free too!
7. Check your Council Tax band! It’s a Martin Lewis top tip too. He estimates that more than 400,000 homes are in the wrong council tax band and has a tool that allows you to check ‘n’ challenge your council tax band. 
8. Did you know that according to the Daily Mail, 16 million people are out of contract on their broadband and mobile deals. Now may be the time to look at a deal and see if you can save yourself a few hundred pounds this year by switching or locking in the price for a fixed term contract. 
9. Another quick way to add some money into your bank account is by switching banks! Some banks are offering some great incentives by switching providers so do take a look and see what is available.
10.  Last but by no means least, perhaps just as important  is checking your Credit Report. How is your credit score? What can you do to improve this? Especially in uncertain times such as these. By ensuring your credit score remains good, when the time comes you are then in a better position to either borrow, extend credit or secure a mortgage. We offer a 10 day free trial of our services, which also includes a loan affordability tool , which may aid in confirming  what you can afford to borrow as it takes into account all of your income and outgoings when confirming your disposable income. ScoresMatter – Tap into the digital you. 

We hope our ‘top tips’ have helped you think about where you can save and how you can help ease some of the additional costs we are all facing over the coming weeks and months. 

Please look out for our new blog which will be out next month.